🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

CRED nears Rs 2,500 Cr revenue in FY24; cuts operating losses by 41%

EntrackrEntrackr · 11m ago
CRED nears Rs 2,500 Cr revenue in FY24; cuts operating losses by 41%
Medial

Reward-based payments platform CRED continues its growing financial journey on the results side for the fiscal year ending March 2024. The fintech unicorn reported 66% growth in its scale during the last fiscal year, while also managing to reduce operating losses by 41%, bringing them close to Rs 600 crore. According to the company’s press release, CRED’s total revenue spiked by 66% year-on-year to Rs 2,473 crore in FY24. Notably, the Kunal Shah-led firm’s scale surged 5.8X over the past two fiscal years, with revenue rising from Rs 422 crore in FY22. Members used CRED for a wide range of payments beyond credit card bills, with strong adoption of P2P UPI payments, as per the release. The expanded adoption of CRED Pay across online merchants, boosted transaction volumes by 254% during the year. As a result, the total payment value (TPV) surged by 55% to Rs 6.87 lakh crore, while monthly transacting users (MTU) increased by 34%. In FY24, CRED’s customer acquisition costs dropped by 40%, while its marketing expenses declined by 36% during the same period. The launch of the CRED garage also gained traction for the company with over 4.2 million vehicles parked on in FY24 for challan and pollution certificate checks, FASTag recharges, and insurance renewals. CRED saw a 58% increase in monetized members, with contribution margins growing over 20X. The company claims to have been consistently contribution margin-positive for nine consecutive quarters. In the last fiscal year, its operating losses shrank by 41%, dropping to Rs 609 crore in FY24 from Rs 1,024 crore in FY23. Caveat: CRED’s net losses might exceed its operating losses, a detail that will become clearer when it files its numbers with the RoC. For instance, it reported a net loss of Rs 1,347 crore in FY23, while its press release referred to Rs 1,024 crore as the operating loss in the same period. “Meaningful growth comes from a sharp focus on high-quality users and creating exceptional experiences for them. This commitment to putting members first and rewarding trustworthy behaviour has driven growth, engagement, and trust across our ecosystem—benefiting members, merchants, and financial institutions alike.”, Kunal Shah, founder, CRED added in the press release. CRED has raised a total of $1 billion (Rs 7,775.20 crore) in funding across nine rounds. According to startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder with 10.4% followed by Ribbit Capital, Tiger Global, and others. Founder and CEO Shah commands a direct 22.8% stake, along with his QED Innovation Labs. While a 66% topline growth is nothing to sniff at, one suspects CRED expected to, or is expected to, do better. The RBI move to regulate P2P lending in the last two months will only make this very significant revenue stream tougher to grow for the fintech, even as the lag between revenues and product and feature launches remains an issue of concern. It would be safe to say that CRED’s Shopping or travel segments are not significant contributors yet, although with a sizable captive user base now, the drop in promotion costs can be expected to continue. Customer acquisition costs are also taking a bit of a pause as the firm figures out the next cohort of users without compromising on its original premise of going for the cream of the crop, in terms of credit scores. Like many others, the limited or lack of revenue making opportunities on UPI payments remains an achilles heel, despite a very strong performance there. CRED remains one of the few firms which enjoy the credibility to be able to launch services that integrate multiple databases and information sources well, like CRED Garage. However, after loans, the firm badly needs a secondary revenue stream that is as promising to keep its users interested. Who knows, depending on its experience with auto insurance, perhaps a health insurance policy with CRED level features is around the corner? And we aren’t talking CRED coins here.

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%

EntrackrEntrackr · 8m ago
Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%
Medial

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88% E-commerce marketplace Snapdeal delivered steady financial results in FY24 as its revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24. The company’s cost-reduction measures led to its adjusted EBITDA loss dropping by 88% from Rs 144 crore in FY23 to Rs 16 crore in FY24. It also improved its operating cash flows during the last fiscal year. Snapdeal’s revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23, according to its consolidated financial statements filed with the RoC. Snapdeal’s primary revenue streams include marketing services, e-commerce enablement, and other ancillary sources. Marketing services continued to be the largest contributor, generating Rs 252.55 crore, though it witnessed a dip of 9.6% compared to FY23. Its enablement revenue increased by 14.8% to Rs 103.36 crore, reflecting the platform’s growing traction among value-focused sellers. Additionally, revenue from other sources surged over 8X to Rs 23.85 crore in FY24. Snapdeal’s strategic focus on targeted cost-reduction initiatives led to significant expense savings across multiple categories. The company’s spending on employee benefits reduced by 48.5% to Rs 158.4 crore in FY24 from Rs 307.53 crore in FY23. Promotional costs were also reduced by 23.5% to Rs 70.37 crore during the same period. Overall, the Gurugram-based firm’s total expenditure dropped by 21.4% to Rs 540.76 crore in FY24 from Rs 687.93 crore in FY23. The company’s improved performance was visible in the 43.2% reduction of loss to Rs 160.38 crore in FY24. Further, most of this loss seems to be on account of non-cash heads, including the revaluation of a put option held by Unicommerce investors to the tune of Rs 110 crore, leading to an adjusted EBITDA loss of Rs 16 crore, which shows that the company is nearing its target of reaching profitability. As per the filings, Snapdeal reduced its stake in Unicommerce, generating Rs 33 crore from a secondary sale of 3.4% stakes in May/June 2024 prior to the IPO and an offer for sale of 9.2% stake for Rs 81 crore in the IPO completed in August 2024.

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24

EntrackrEntrackr · 4m ago
Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24
Medial

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24 Bootstrapped consumer electronics brand Boult Audio recorded a 40% surge in operating revenue for the fiscal year ending March 2024. However, the notable top-line came at a cost, as the Delhi-based company’s profit declined by 37%. Boult’s revenue from operations increased by 40% to Rs 697 crore in FY24 from Rs 498 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2017, Boult Audio designs, develops and manufactures wireless earbuds, headphones, smartwatches, and speakers. Revenue from sale of these products remained the sole source of revenue. The company’s revenue majorly came from domestic sales, which grew 45% to Rs 620 crore in FY24. Revenue from overseas sales remained stable at Rs 77 crore, contributing 11% to the top line. Boult made additional Rs 5 crore from non-operating revenue which pushed its total revenue to Rs 702 crore in FY24 from Rs 501 crore in FY23. On the expense side, the largest cost component—cost of material consumed—rose 25% to Rs 402 crore, accounting for nearly 58% of total expenses. Advertising expenditure spiked 74% to Rs 162 crore, while post-supply discounts grew 84% to Rs 70 crore. These two expenditures collectively accounted for over 33% of its total expenses. Employee benefit expenses rose by over 50% year-on-year to Rs 26 crore in FY24. Other overheads, including admin and general expenses, added Rs 39 crore to the total cost. Overall, total costs increased by 41% to Rs 699 crore in FY24. As overall costs outpaced revenue growth, Boult’s net profit declined by 37% to Rs 2.5 crore in FY24 from Rs 4 crore in FY23. Its ROCE and EBITDA margin stood at 52.94% and 2.64%, respectively. On a unit level, Boult Audio spent Rs 1.00 to earn each rupee of revenue. As of March 2024, the company recorded current assets worth Rs 211 crore including Rs 9 crore in cash and bank balance. Boult’s inventories stood at Rs 964.5 crore during the same period—up 63% from FY23. This significant buildup suggests Boult is preparing for high-volume sales, possibly ahead of festive seasons or upcoming launches. Boult made its first recorded CSR contribution of Rs 12.23 lakh in FY24. According to TheKredible, Boult Audio has remained unfunded till date. Its co-founders, Varun Gupta and Tarun Gupta together own 49.5% of the company. Its director Vinod Gupta holds a 23.76% stake, while Pankhuri Gupta, who leads design at Boult, holds 25.74% stake in the company. The firm competes directly with homegrown electronics rivals boAt and Noise. In FY24, market leader boAt reported revenue of Rs 3,118 crore but closed the year with a loss of Rs 80 crore. Noise followed with Rs 1,431 crore in revenue and a loss of Rs 19 crore.

Download the medial app to read full posts, comements and news.